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In this episode of the State of Streaming podcast, host Tim Rowe welcomes Nick Carrabbia, EVP at OAREX, a firm that provides on-demand liquidity for the digital ad ecosystem. Their conversation explores the critical mechanics of how money moves through the advertising supply chain from advertiser to agency to publisher and the growing challenge of late payments. They discuss the macroeconomic factors tightening credit, the red flags hidden behind high CPMs, and how publishers can unlock cash flow to compound growth.
Here are three key takeaways from their conversation that illuminate the financial state of the streaming and publishing industry:
The State of Pay: Record Late Payments and Supply Chain Friction
Nick Carrabbia reveals unexpected data from the first half of 2025, noting that late payments have hit a record high. He breaks down the macroeconomic "vacuum" created by COVID-19 and inflation, and explains how the multiple "hops" between DSPs, SSPs, and publishers exacerbate payment delays.
- 03:10 - Record high: Why 58% of all tracked payments were late in H1 2025
- 04:16 - The economic vacuum: How COVID liquidity and inflation shaped current credit terms
- 05:15 - The "hops" effect: How money moves from Advertiser to DSP to SSP to Publisher
The Solution: Converting Invoices into Growth and Liquidity
Nick explains how OAREX solves liquidity issues by allowing publishers to trade invoices for immediate capital, and defines critical financial metrics like DSO (Daily Sales Outstanding) and DPO (Daily Payables Outstanding) that every publisher should track.
- 09:24 - How OAREX provides non-dilutive liquidity to the ecosystem
- 10:39 - Opportunity costs: The hidden price of waiting 60+ days for payment
- 16:01 - Defining DSOs (Daily Sales Outstanding) and DPOs (Daily Payables Outstanding)
The Risk: Red Flags, High CPMs, and Top Payers
Nick warns against chasing revenue without considering credit risk. He highlights specific "red flags", such as abnormally low CPMs coupled with late payments, that indicate a partner may be in trouble. He highlights the "Top Payers" are who consistently pay within three days.
- 11:03 - The "Top Payers" report: Who is paying on time and why it matters
- 12:28 - The shrinking list of consistent payers
- 13:30 - The "Red Flag" warning: When low CPMs are actually a sign of distress
Connect with Nick Carrabbia on LinkedIn here
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